Norway's sovereign wealth fund, the largest in the world, lost 278 billion kroner, about $31 billion, in the third quarter, The Local Norway reports.
The fund returned minus 0.5% over the three months. Its bond holdings fell 3.5% as interest rates climbed, while shares gained 0.5% and property 0.4%. Deputy chief executive Trond Grande said returns were almost flat, with energy companies performing best and rate-sensitive sectors such as utilities and real estate falling.
Several central banks, including the US Federal Reserve and the European Central Bank, raised rates during the quarter as inflation, driven partly by energy prices linked to conflict in the Middle East, picked up.
Built on Norway's oil income, the fund was worth 22,014 billion kroner at the end of September. It holds stakes in more than 7,100 companies, around 1.5% of all listed shares worldwide.
Source: The Local Norway
